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The San Francisco company has faced financing challenges as its customers, largely lower-income Latinos, have struggled to keep up with monthly payments.January 11
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The company, which provides credit cards to millennials, is expanding its target audience beyond thin-file consumers and those without credit histories. It will now also target those with blemished, nonprime credit histories.October 7
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A borrower advocacy group is asking federal banking regulators to investigate PayPal and Synchrony Financial, which partner on a product that is used to offer high-cost education financing.August 24
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Covered Care is promising to offer affordable loans to borrowers with credit scores below 700.August 13
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A subprime-related settlement between the government and Deutsche Bank provided meaningful benefits to some U.S. consumers in need, according to a new report. But the author acknowledged that those gains could prove illusory for some consumers given the coronavirus crisis.July 10
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The companies said the "meaningful impacts" of the coronavirus pandemic led them to terminate the $2.7 billion deal.June 24
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The lender will pay $65 million in restitution and forgive nearly $500 million in auto debt to settle charges that it steered subprime borrowers into risky loans.May 19
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Credit Acceptance Corp., the lender to car buyers with subprime credit scores, warned it's seeing a sharp drop-off in payments as people shift their financial priorities to get through the coronavirus pandemic.April 21
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Ally Financial's recently announced $2.65 billion cash-and-stock deal for CardWorks, which offers unsecured credit cards among other products, places a high price tag on a traditionally risky product.February 21
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Investors are reacting skeptically to the auto lender's deal to acquire CardWorks for $2.65 billion.February 19